Electronic exchange of information is rapidly growing in significance for both businesses and individuals. Although communications infrastructure is available for transporting electronic messages, due to incompatible data formats of many applications, there are significant obstacles to exchanging electronic data dynamically, flexibly and easily. Paper-based transactions still persist even though they are slow and cumbersome, because paper documents are easily understood and available to most people engaged in commerce of any sort. This is not the case with computer data, because computer applications employing different data formats cannot interpret incompatible data.
To unify data formats employed by computer applications, the electronic data interchange (EDI) standard has been developed. This standard, however, has not been widely accepted because it does not effectively facilitate electronic transactions. The EDI standard enforces a specific data format and requires each participant to an electronic transaction to output its data in the format consistent with the standard. To conform to the standard, user's typically need to modify their applications and databases, which are inordinate tasks. To complicate the matter further, when the standard changes it is frequently necessary to alter user applications and convert their databases again to accommodate new features. Thus, the currently available standard is so cumbersome and expensive to implement and use that it does not meet the needs of a broad community of users that require electronic exchange of information.
Also, due to the great expense associated with modifying the existing standard, it is unduly rigid and does not dynamically adapt to the constantly changing commercial environment. Because the standard dictates the types of transactions that can be implemented through electronic data transfers, it severely limits business practices.
Accordingly, there is a need for a system and method of exchanging information among diverse applications that is based on a standard which is readily adaptable to changing commercial environments. Also, there is a need for a system that does not require complex, time consuming and error-prone modifications of the existing applications and databases in order to facilitate information exchange. Furthermore, there is a need for a standard and associated methods and system that can be readily adapted by a broad community of users who desire to exchange information.